On December 21, 2020, The U.S. Senate and House of Representatives passed a $900 billion stimulus package. In addition to stimulus for individuals and businesses, the bill contains specific language that makes expenses paid for with PPP funds tax-deductible. In addition to the welcome news about the deductibility of PPP-related expenses, the bill provides for a “PPP 2” loan that is designed for those who did not apply for the first round of PPP as well as businesses that have suffered a significant economic impact due to the COVID-19 pandemic. More details of the bill can be found here.
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COVID-19 Relief Bill
